Transferring 18 corporations and general companies to the Ministry of Finance

The 18 economic groups and state-owned corporations transferred to the Ministry of Finance for management are leading enterprises, holding key positions in the national economy.

On February 28, in Hanoi, the Ministry of Finance coordinated with the State Capital Management Committee (SCMC) at enterprises to organize a ceremony to transfer the rights and responsibilities of the agency representing the state capital owner to the Ministry of Finance.

Attending and giving a speech, Deputy Prime Minister Ho Duc Phoc emphasized: The transfer aims to implement the policy of streamlining the apparatus, strengthening the strength of the economy with the goal of fulfilling the mission of rising up, accelerating the construction of an increasingly strong and prosperous country.

According to Deputy Prime Minister Ho Duc Phoc, after merging with the Ministry of Planning and Investment, the State Capital Management Committee, and receiving all 18 largest state-owned corporations and groups, the role and mission of the Ministry of Finance is extremely important.

The Deputy Prime Minister said that the Ministry of Finance is now like the "backbone" of the economy. Whether our economy can make a breakthrough or not depends on the extremely important role of the Ministry of Finance - the "core of the core" to promote development.

The Deputy Prime Minister emphasized that after the reorganization, the scale of the Ministry of Finance is very large, and the responsibility is very heavy. The Ministry of Finance manages all financial resources from public investment of the country, including capital from state-owned enterprises, state budget, ODA loans, etc. Therefore, the leadership and direction of the Ministry must reach "everyone, every household", only then can the set goals be achieved, can achievements be made.

Therefore, after transferring and rearranging the apparatus, the Ministry of Finance must have reasonable management solutions so that corporations and general companies can promote strongly, mobilize and use resources more effectively to promote economic development. To do so, it is necessary to focus on decentralization, delegation of authority, innovation, and new thinking for development.

From his experience in business activities, sharing his views on the development process of the private and state-owned enterprise sectors in recent times, the Deputy Prime Minister emphasized the need to remove obstacles; design an institutional and legal system based on respecting creativity, self-determination, and self-responsibility to create conditions for state-owned enterprises to develop. This is the new goal, new determination, and new achievements of the Ministry of Finance in the coming time.

Ceremony to transfer the rights and responsibilities of the agency representing the state capital owner from the State Capital Management Committee to the Ministry of Finance. Photo: VGP

Open up new development opportunities

Chairman of the State Capital Management Committee at Enterprises Nguyen Hoang Anh said that the transfer of the right to represent the State capital ownership from the Committee to the Ministry of Finance is a milestone that not only marks a new step in the management and development of 18 Groups and General Corporations, but also demonstrates the determination of the Party and the State in further enhancing the management efficiency and maximizing the potential of State-owned enterprises in the new context.

According to Chairman Nguyen Hoang Anh, the 18 economic groups and state-owned corporations transferred to the Ministry of Finance for management are leading enterprises, holding key positions in the national economy. At the same time, these enterprises also have diverse fields of operation, complex nature, related to 16 economic and technical sectors. The transfer of the Committee's personnel to the Ministry of Finance to continue managing the 18 groups and corporations will be a favorable factor, ensuring continuity, consistency, as well as progress in handling the work of enterprises, without interrupting or affecting the operations of enterprises.

The transfer of 18 large corporations and groups from the State Capital Management Board to the Ministry of Finance is not only administrative in nature but also has strategic significance for the economy. First of all, this is a step to streamline the apparatus, creating unity in the management of State capital. Moreover, it also helps the Ministry of Finance have a more comprehensive view of public finance, from the State budget, public investment, ODA capital to enterprise management.

The transfer process was carried out closely and did not disrupt the production and business activities of the enterprise. Thanks to the effective coordination between agencies, the handover took place on schedule, ensuring that the enterprise maintained stable operations. This demonstrates the Government's attention and close direction in ensuring the continuous development of the State-owned enterprise sector.

However, in addition to opportunities, the takeover also poses many challenges. Large corporations and groups play a key role in the economy, but there are still many problems in terms of institutions and management policies. Therefore, the Ministry of Finance needs to make appropriate adjustments to ensure that these enterprises operate more effectively and contribute positively to the overall development of the country.

Enhance interaction, empowerment coupled with responsibility requirements of SOEs

Minister of Finance Nguyen Van Thang said: The Ministry of Finance is transferring the State capital ownership representative from the State capital management agency to the Ministry of Finance under the direction of the Government. The head of the Ministry of Finance assessed: State-owned corporations are always the leading birds, the factor affirming the national position, therefore, the contribution of these units is very large.

The transfer to the Ministry of Finance is in the context of the Party and State having important orientations, the success of this orientation depends on the great contribution of 18 Groups and General Corporations. The Party and State leaders have decided that 2025 is the last pivotal year of the 2021-2025 period, preparing the foundation for the new period, economic growth reaching 8% or more, the 2026-2030 period sets a double-digit growth target. General Secretary To Lam has a clear view that we must strive for high growth in the long term from now until 2045, it can be said that these are challenging goals.

In particular, the leader of the Ministry of Finance said: Corporations and General Corporations have a heavy responsibility, which is to both produce and do business, while ensuring efficiency according to the objectives and tasks of contributing to economic growth, national budget revenue, carrying out political tasks as well as ensuring major balances of the economy...

"Coming to the Ministry of Finance, corporations and general companies will have certain advantages, be supported, and interact more effectively in their work," said Minister Nguyen Van Thang.

Discussing with functional units, Minister Nguyen Van Thang suggested that the Departments and Bureaus of the Ministry of Finance need to support and share with enterprises when they officially transfer to the Ministry of Finance.

Regarding policy mechanisms, Minister Nguyen Van Thang said: In the near future, the Ministry of Finance will accelerate the completion of legal policies and institutions related to the operations of corporations and general companies.

The head of the Ministry of Finance said that the Ministry of Finance is also working actively to implement amendments to the mechanism related to Law 69 on management and use of state capital invested in production and business at enterprises, focusing on amending this Law towards creating maximum conditions for state-owned enterprises under the direct direction of the Government leaders.

The Ministry of Finance resubmitted the draft to the Government yesterday (February 27) and has forwarded this draft to the National Assembly's Finance and Budget Committee for coordination in implementation, to ensure increased decentralization and delegation of authority to create maximum favorable conditions for SOEs (except for some contents that require direction from competent authorities), with the spirit of ensuring "fair" operations with private enterprises.

Accordingly, when empowered, SOEs will have a more open mechanism regarding salaries, bonuses, and personnel selection. In return, along with empowerment, the responsibility of SOE leaders will also be much greater.

In particular, SOEs must complete the tasks and goals that have been reviewed and approved by the Government and the agency representing the State capital owner. At the same time, they must also be subject to clear sanctions when they fail to achieve their goals...

"We, together with the community, have the responsibility to ensure that corporations and general corporations operate most effectively, thoroughly implementing the direction of the Government and the Prime Minister to fulfill the assigned tasks. In particular, the Government leaders have directed the Ministry of Finance to urgently assign tasks to corporations and general corporations. Therefore, we will build goals in a way that ensures striving, but also feasibility. We request that corporations and general corporations closely coordinate with the Ministry of Finance to complete the goals, pioneer in developing science and technology, national digital transformation, contributing to economic growth and social security in accordance with the orientation of the Party and State," Minister Nguyen Van Thang suggested.

LIST OF 18 STATE-OWNED GROUPS AND CORPORATIONS TRANSFERRED TO THE MINISTRY OF FINANCE

Vietnam Oil and Gas Group (PetroVietNam)

Vietnam Electricity Group (EVN)

Vietnam National Coal and Mineral Industries Group (TKV)

Vietnam Chemical Group (Vinahem)

Vietnam Posts and Telecommunications Group (VNPT)

Vietnam National Petroleum Group (Petrolimex)

Vietnam Rubber Industry Group (VRG)

State Capital Investment Corporation (SCIC)

Vietnam National Tobacco Corporation (Vinataba)

Vietnam Airlines Corporation (VNA)

Vietnam National Shipping Lines (VIMC)